Jio Financial Services Limited (JFSL) announced on Tuesday that its mutual fund venture with global investment giant BlackRock has received the green light from the Securities and Exchange Board of India (SEBI) to commence operations. The joint entity, named Jio BlackRock Mutual Fund, is now officially registered to operate in the Indian mutual fund space.
According to a regulatory filing by JFSL, SEBI issued the certificate of registration to Jio BlackRock Asset Management Private Limited on May 26. This milestone marks a significant step in the venture’s strategy to establish a strong presence in India’s rapidly expanding asset management industry.
The mutual fund arm is part of a 50:50 joint venture between Jio Financial Services and BlackRock Financial Management, the U.S.-based global asset manager. The partnership was first announced in January, with both entities committing an initial investment of ₹117 crore to set up the asset management and trustee companies — Jio BlackRock Asset Management Pvt. Ltd. and Jio BlackRock Trustee Pvt. Ltd.
The companies had submitted their application to SEBI in October 2023, signaling their intent to foray into the mutual fund business. With regulatory approval now in hand, the JV is poised to offer a range of mutual fund products tailored to Indian investors, combining Jio’s expansive digital ecosystem and BlackRock’s global investment expertise.
This move is expected to stir competition in the Indian asset management space, which continues to witness a surge in retail participation, thanks to rising financial literacy, digital penetration, and investor appetite for diversified investment products.
